Abroad for 20 years - how long to get onto ratings radar?

OldManKensey

Apart from six months last year, I've been out of the UK for nearly twenty years and will return in couple of months. I'm intending to apply for mortgage 3 or 4 months after that. I guess I'm totally off the credit ratings radar?

I want to get onto the electoral register immediately. I've had hsbc account kept open all these years and used their debit card very often, but I heard debit cards don't make any difference to credit ratings. What else can I do?

Buzby

Depends where you went. CRA have interests in many countries, and as you'll be required to give a previous address this may set up the required link and repopulate your file.

marathonic

I lived in the Republic of Ireland and got a mortgage approved before even moving to the UK.

Try to stick to the banks that have a presence in whatever country you've been residing in over the years.

Although not requested, I applied for a copy of my Irish Credit History and provided it during the application process. You should also consider this.

OldManKensey

Unfortunately that's not going to help me, been in south america for last five years and pretty much off the radar there too, no credit cards, loans, mortgages, anything like that. Bit old fashioned like that, buy what I can afford with the cash in my pocket
Which doesn't help me now....
Even stuff like bills and rent, etc have been in my wife's name.
So the problem isn't only that I have no credit history in the UK, but nowhere else either

Granariesgirl

I had the same problem as you: long time out of the UK & no credit history - only realised this was a problem when I wanted to get a mobile contract!

Now I think rating must be pretty good but haven't tested TBH. They keep offering to up limits on CCs, so must be OK!

My advice:
1) Get a basic bank account (I went with Coop to start with) & put regular amounts in it, keeping a healthy balance.
2) Open a savings account with same bank & put healthy amount in & keep it there!
3) Get on electoral roll ASAP.
5) Get Council Tax / gas & leccy / phone/ water - 2 of the 4 in YOUR name, debited from YOUR account.
If you have joint account, put bills in both names.
4) After a while (6 mths?) ask for a credit card with your bank with max limit LESS than in savings account. Pay it in full every month.
5) Get a small short-term loan & pay it back on time in full to prove you can.

That's all I can think of!
Good luck.:)

bigadaj

OldManKensey wrote: »

Unfortunately that's not going to help me, been in south america for last five years and pretty much off the radar there too, no credit cards, loans, mortgages, anything like that. Bit old fashioned like that, buy what I can afford with the cash in my pocket
Which doesn't help me now....
Even stuff like bills and rent, etc have been in my wife's name.
So the problem isn't only that I have no credit history in the UK, but nowhere else either

One thing to remember is that you don't have a perfect credit rating or nothing at all it's generally shades of grey. It's likely that you'll have to build up over time back in the uk, however a big factor is going to be what deposit you are providing for a mortgage, if this is large then there will no doubt be options even if they aren't at the very best rates.

dgtazzman

In that case I imagine you won't be getting a mortgage for 3 years after you move back here I'm afraid. That's what I found and I only came from the Netherlands. You might even have a hard time renting at first...

A large deposit might open up options, ofcourse...

Even had to put down a deposit for my first UK mobile phone contract, while I had used the same provider back in NL for 4 years with a perfect account conduct.

OldManKensey

thanks for advice so far. Yes, we have big deposit...massive actually, probably 160k and we're looking at spending 220-240k only, so that's the good news.
I've had an HSBC account and savings account for the whole time I've been away - will that help me? Always had healthy balances, never overdrawn, debit card with that account for ten years at least (but no CC).
On the rental question, yes, two agencies have already told me I'd probably have to pay anything up to 6 months up front!!!! Looks like I'll just have to be patient for few months, get on electoral register and start doing "normal" things like get store cards, pay bills, etc. With house prices on the way up, keen to buy ASAP so we may end up just going with the amount we have and buy a flat or small 2-bed half hour commute further out.

Paul_the_Painter

Could be worthwhile to talk to HSBC, they are the most likely provider to give you a mortgage. The worst thing you could do would be to close the HSBC account, it's the only history you have.

bigadaj

OldManKensey wrote: »

thanks for advice so far. Yes, we have big deposit...massive actually, probably 160k and we're looking at spending 220-240k only, so that's the good news.
I've had an HSBC account and savings account for the whole time I've been away - will that help me? Always had healthy balances, never overdrawn, debit card with that account for ten years at least (but no CC).
On the rental question, yes, two agencies have already told me I'd probably have to pay anything up to 6 months up front!!!! Looks like I'll just have to be patient for few months, get on electoral register and start doing "normal" things like get store cards, pay bills, etc. With house prices on the way up, keen to buy ASAP so we may end up just going with the amount we have and buy a flat or small 2-bed half hour commute further out.

As it's specifically a mortgage you're after it's probably worth posting on that board as there are a number of brokers that can give some up to date opinion.

If you're looking at a less than 50% mortgage then the should be options I know computers rule but the risk for the lender is minimal, if you default they can easily get their money back by repossessing.

It's often said that small building socities can look favourably on unusual situations so they might be wortha go, also speaking toa broker might be worth the fee if they can find you some options.

reclusive46

If you have an American Express card in the country your in you can transfer it to a uk account using amex global transfer.